**Royal Air Force Sport Aircraft (RAFSA) Charity number: 1184646** **Trustees Report and Financial Statements for the year ended 31 December 2024** ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Trustees report for the year ended 31 December 2024** ________________________________________________________________________________________ ## **Administration** The charity is registered with the Charity Commission for England and Wales - Charity number: 1184646 ## **Principle address:** RAF Sport Aircraft (RAFSA) C/O RAF Waddington Flying School & Club RAF WADDINGTON LINCOLN LN5 9NB ## **Trustees:** Air Marshal Sir Christopher Harper Air Vice Marshal Mark Phelps Group Captain Stephen Wetton (Chair) Wing Commander Gary Paul Coleman (Deputy Chair) Squadron Leader Luke Bowman Squadron Leader Christopher Martin Hives Squadron Leader Karl Jenkins Squadron Leader David Taudevin Flight Lieutenant Charlotte Deschenes Flight Lieutenant Christopher Lloyd Edmondson Flight Lieutenant Carl Jenkins ## **Structure, Governance and Management** The Royal Air Force Sport Aircraft (RAFSA) Charity was first registered on 29 July 2019 and is constituted as a Charitable Incorporated Organisation. The Charity began operations on 1 January 2020, having taken over the assets and activities of the Royal Air Force Flying Clubs Association (RAFFCA) which ceased operation on 31 December 2019. ## **Objectives and activities** The charitable object of RAFSA is to promote efficiency by fostering ‘Esprit de Corps’, raising morale, developing/enhancing mental resilience and encouraging airmanship, air-mindedness and aviation safety awareness to all members of the Royal Air Force through the provision of sport aircraft flying and training. ## **Financial Review** The charity’s activities continued with the full engagement, and oversight of, 9 RAFSA Schools and Clubs, which operate as separate Legal entities. It reported an operating deficit of £5,397 (2023: deficit of £15,236) before depreciation charges. Alongside a generous grant from the RAF Central Fund of £16,133 to assist with Operating Costs for Association activities, the Charity benefited from a one-off grant of £5,000 from the Royal Air Squadron to enable the running of the RAFSA Aerobatics Competition. Membership subscriptions amounting to £5,377 from the Clubs completed the major income. The Aerobatics Competition, held at Conington Airfield, was the focal point of the Charity’s events for the year, allowing significant outreach and promotion of its activities. Participant’s own personal contributions were supplemented by RAFSA Charitable Funds to enable a wider engagement opportunity for the Association. The charity made Operating Costs grants to each of the Clubs (enabled by the RAF Central Fund grant plus some supplementation from RAFSA Reserves). These were based on a bidding process to apportion to each club according to their needs. In total, payments of £17,404 were made to Clubs, including the cost share of Annual maintenance for the RAFSA owned, RAF Waddington Flying School operated, Tecnam P2008 G-RFCA. In addition, a further £750 was granted to Clubs to support New Member Engagement. 1 ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Trustees report for the year ended 31 December 2024** ________________________________________________________________________________________ ## **Financial Review (cont’d)** At 31 December 2024 the charity had total cash reserves of £109,354 (2023: £116,818). The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees ## David ## Taudevin Digitally signed by David Taudevin Date: 2025.10.08 12:08:05 +01'00' Trustee: David Taudevin Date: 2 ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Independent Examiner’s Report to the trustees** ________________________________________________________________________________________ This report is on the financial statements of Royal Air Force Sport Aircraft (RAFSA) for the year ended 31 December 2024, which are set out on pages 3 to 7, and refers to my examination carried out in accordance with Section 145 of the Charities Act 2011 (‘the 2011 Act’). ## **Respective responsibilities of Trustees and Examiner** The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act; and - to state whether particular matters have come to my attention. ## **Basis of Independent Examiner's report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a true and fair view and the report is limited to those matters set out in the statement below ## **Independent Examiner’s statement** In connection with my examination, no material matters have come to my attention: - a) which gives me cause to believe that in, any material respect, the requirements: - to keep the accounting records in accordance with section 130 of the Charities Act; or - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act. have not been met; or - b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **J A D Mumby FCA** Chartered Accountant Wellingore Hall Wellingore Lincoln LN5 0HX 29 April 2025 3 ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Statement of Financial Activities for the year ended 31 December 2024** |______________________________________________________________
Notes
£
**INCOMING RESOURCES**
2
Charitable Activities
5,377
Grants and Donations
22,573
Investments
-
**Total**
27,950
**RESOURCES EXPENDED**
3
Raising Funds
-
Charitable Activities
32,330
Management and administration
1,017
**Total**
33,347
**NET INCOME**
(5,397)
**Transfers between funds**
-
**Other recognised gains/(losses)**
Depreciation
-
Surplus arising on sale of aircraft and equipment
-
Re-valuation of assets
18,200
Transfer sale proceeds of G-NIAC to Air League
-
Transfer in of Aircraft and equipment
**NET MOVEMENT IN FUNDS**
12,803
**RECONCILIATION OF FUNDS**
Total Reserves brought forward
51,217
**TOTAL RESERVES CARRIED FORWARD**
64,020
Unrestricted
Funds|___________
Restricted
Funds
£
-
-
-
-
-
-
-
-
-|_______________
**TOTAL**
**2024**
£
5,377
22,573
-
27,950
-
32,330
1,017
33,347
(5,397)
-
-
-
18,200
-
12,803
51,217
64,020|______
2023
£
7,099
27,865
-
34,964
-
48,602
1,598
50,200
(15,236)
(9,787)
(400)
19,750
20,000
(95,395)
-
(81,068)
132,285
51,217| |---|---|---|---| 4 ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Balance Sheet as at 31 December 2024** ______________________________________________________________________________________________ |Notes
£
**FIXED ASSETS**
Tangible assets
4
263,000
**CURRENT ASSETS**
Debtors
5
2,109
Bank
6
109,354
111,463
**CREDITORS: amounts falling due within one year**
600
**NET CURRENT ASSETS**
110,863
**TOTAL ASSETS**
373,863
**CREDITORS: amounts falling due after more than one year**
-
**NET ASSETS**
373,863
**RESERVES**
7
General reserve
341,965
Engine replacement reserves
31,898
373,863
Unrestricted
Funds|Restricted
Funds
£
-
-
-
-
-
-
-|**TOTAL**
**2024**
£
263,000
2,109
109,354
111,463
600
110,863
373,863
-
373,863
341,965
31,898
373,863|2023
£
244,800
2,109
116,818
118,927
600
118,327
363,127
-
363,127
240,831
33,964
274,795| |---|---|---|---| 5 ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Notes to the Financial Statements for the year ended 31 December 2024** ______________________________________________________________________________________________ ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a) a legal or constructive obligation committing the charity to that expenditure, b) it is probable that a transfer of economic benefits will be required in settlement and c) the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and bas been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** The aircraft shown as fixed assets were brought into the charity at a figure which reflected their estimated open market value. The Trustees have decided not to provide for depreciation on these aircraft as they consider the net realisable value to be equal to, or greater than, the value shown. Depreciation is provided on plant and equipment at the following annual rates in order to write off each asset over its estimated useful life. Aircraft - nil Plant and machinery - 5% straight line ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 6 ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Notes to the Financial Statements for the year ended 31 December 2024** __________________________________________________________________________________________ |**2.**
**ANALYSIS OF INCOME**
**a)**
**Charitable Activities**
Subscriptions
**b)**
**Grants and Donations**
RAF Central Fund
Other grants
Aeros - entry fees
Insurance claim
**c)**
**Investments**
**TOTAL INCOMING RESOURCES**
**3.**
**ANALYSIS OF EXPENDITURE**
**a)**
**Raising Funds**
**b)**
**Charitable Activities**
Operating costs - G-NIAC
Other operating costs and equipment
Support for clubs
Return of RAFCF grant from prior year
Aeros competition costs
Scholarship costs
RAFSA promotional costs
Website
**c)**
**Management and Administration**
Sundry admin exps
Subscriptions etc
Travel & subsistence
Legal fees
Bookkeeping
Independent Examiner Fee
Bank charges
**TOTAL RESOURCES EXPENDED**|£
5,377
5,377
16,133
5,000
1,440
-
22,573
-
27,950
£
-
3,887
2,362
13,517
-
10,779
633
813
340
32,330
79
-
-
-
397
480
61
1,017
33,347
Unrestricted
Unrestricted
Funds|Restricted
Funds
£
-
-
-
Restricted
£
-
-
-
-|**TOTAL**
**2024**
**£**
5,377
5,377
16,133
5,000
1,440
-
22,573
-
27,950
**TOTAL**
**£**
-
3,887
2,362
13,517
-
10,779
633
813
340
32,330
79
-
-
-
397
480
61
1,017
33,347|2023
£
7,099
7,099
16,133
5,000
1,320
5,412
27,865
-
34,964
2023
£
-
4,190
16,548
13,500
3,888
8,202
390
1,492
392
48,602
323
199
203
-
372
480
21
1,598
50,200| |---|---|---|---|---| 7 ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Notes to the Financial Statements for the year ended 31 December 2024** __________________________________________________________________________________________ ## **4. TANGIBLE FIXED ASSETS** |**Cost**
At 1 January 2024
Additions
Disposals
**Depreciation**
At 1 January 2024
Revaluation
Eliminated on disposal
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023|Aircraft
£
260,000
-
-
260,000
22,000
(17,000)
-
5,000
255,000
238,000|Plant &
Equipment
£
8,000
-
-
8,000
1,200
(1,200)
-
-
8,000
6,800|**TOTAL**
**£**
268,000
-
-
268,000
23,200
(18,200)
-
5,000
263,000
244,800| |---|---|---|---| The trustees have decided not to provide for further depreciation of the remaining aircraft held by the charity. Their net realisable value is considered to be at or above original cost to the charity. ## **5. DEBTORS** |Insurance re Spirit of Ayre
Other expenses to be refunded
**6.**
**CASH AT BANK AND IN HAND**
Bank
Current
Engine Reserves
Cash
**7.**
**MOVEMENT ON RESERVES**
Balance at 1 January 2023
Surplus/(Deficit) for year
Other recognised gains/losses
Transfers to/(from)
Balance at 1 January 2024
Transfers to/(from)
Surplus/(Deficit) for year
Balance at 31 December 2024|£
96,121
13,233
-
109,354
Unrestricted|Restricted
£
-
General
Reserve
£
410,231
(81,069)
329,162
12,803
341,965|**2024**
£
1,715
394
2,109
**TOTAL**
£
96,121
13,233
-
109,354
Engine
Reserves
£
28,657
5,307
33,964
(2,066)
31,898|2023
£
1,715
394
2,109
2023
£
82,854
33,964
-
116,818
**TOTAL**
£
438,888
(81,069)
-
5,307
363,126
(2,066)
12,803
373,863| |---|---|---|---|---| 8 ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Detailed Income & Expenditure for the year ended 31 December 2024** |INCOME:
Club subscriptions
RAF Central Fund
Other grants received: Geoffrey de Havilland
Other - Aeros
Leased Aircraft
Insurance refund
EXPENDITURE
Operating costs - aircraft insurance
Operating costs - G-RFCA
Leasing costs - G-EGBJ (net of hire fees)
Support for clubs (£1,500 x 9)
Refund of RAFCF grant
Equipment costs
Insurance
Aeros competition costs
RAFSA promotional costs
Website
Other operational costs
Travel & subsistence
Subscriptions
Sundry admin exps
Bookkeeping
Independent Examination Fee
Bank charges
NET OPERATING (DEFICIT)/SURPLUS
Depreciation
Surplus/(loss) on sale
Revaluation of aircraft
Transfer proceeds of G-NIAC to Air League
Transfer to G-BYYG eng/prop reserve
TRANSFER TO RESERVES
Reserves b/f
Reserves c/f|3,886.80
3,443.34
(2,784.00)
13,517.02
-
1,560.00
143.02
10,778.67
812.72
339.56
632.50
-
-
78.79
397.40
480.00
60.80
-|**2024**
£
5,377.00
16,133.00
5,000.00
1,440.00
-
-
27,950.00
32,329.63
1,016.99
(5,396.62)
-
-
18,200.00
-
-
12,803.38
329,162.66
341,966.04|4,190
10,899
2,785
13,500
3,888
3,080
174
8,202
1,492
392
-
203
199
323
372
480
21|2023
£
7,099
16,133
5,000
1,320
-
5,412
34,964
48,602
1,598
(15,236)
(400)
19,750
-
(95,395)
(9,788)
(101,069)
430,232
329,163| |---|---|---|---|---| ## **Royal Air Force Sport Aircraft (RAFSA)** ## **Detailed Balance Sheet as at 31 December 2024** |**FIXED ASSETS**
Cost
Depn
Aircraft
260,000
(5,000.00)
Fuel Bowser
8,000
-
**CURRENT ASSETS**
Debtors
Prepayments
Bank
Lloyds current
-
HSBC
96,121.30
Tecnam reserve
-
G-BYYG reserve
13,233.00
**CREDITORS: amounts falling due within one year**
Payments in adance
-
Accruals
600.00
**NET CURRENT ASSETS**
**TOTAL ASSETS**
**RESERVES**
General reserve
Surplus/deficit for year
Engine replacement|**2024**
£
255,000.00
8,000.00
263,000.00
2,108.89
109,354.30
111,463.19
600.00
110,863.19
373,863.19
329,162.66
12,803.38
341,966.04
31,897.15
373,863.19|5,000
77,854
24,176
9,787|2023
£
238,000
6,800
244,800
2,109
116,817
118,926
600
118,326
363,126
430,232
(101,069)
329,163
33,963
363,126| |---|---|---|---|